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July 8, 2008

Survey: Students Underestimate School Cost

by Sam Savage

A Columbus, Ohio-based bank said a survey of elementary, middle and high school students suggests many young people underestimate the cost of school supplies.

Huntington Bank said its online survey of 600 students located in Ohio, Indiana, Michigan, Pennsylvania and West Virginia found nearly 40 percent of respondents thought parents spend less than $200 per child on school-related costs while more than half put the number at less than $300.

Huntington estimated that parents tend to spend $385 per elementary school student, $551 for each middle school student and $911 for high school students.

The survey also suggested 23 percent of high school students do not know how to write a check, while 16 percent do not know how a debit card works and 39 percent do not understand the concept of paying interest on a loan.